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US economy bleeding jobs, about 17 million retrenched | The Malaysian Insight

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US economy bleeding jobs, about 17 million retrenched

About 17 million Americans have lost their jobs since mid-March due to the Covid-19 pandemic, with the unemployment rate expected to hit double digits this month. – EPA pic, April 9, 2020.

US unemployment is rising at a jarring rate, with data today showing 17 million have lost their jobs since mid-March, as officials scramble to apply a tourniquet to stem the damage from the coronavirus pandemic. The Federal Reserve launched a series of new lending programmes today to pump US$2.3 trillion into the damaged US economy, but Fed chair Jerome Powell tried to offer reassurance saying the recovery could be “robust.”

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